Russian Deputy Foreign Minister: BRICS Has No Plans to Replace US Dollar

In a recent interview with Kazakh journalist Akmaral Batalova, Russian Deputy Foreign Minister Sergey Ryabkov explicitly stated that none of the BRICS members seek to replace the US dollar within the international financial architecture. This assertion, which underscores a nuanced approach to global finance, clarifies the bloc's strategic objectives amid ongoing discussions about de-dollarization.

Ryabkov emphasized that while the BRICS nations are actively working towards reducing their reliance on the dollar, their primary goal is to foster greater financial independence through increased use of national currencies for trade and settlements. He highlighted Russia’s own progress in this regard, noting that over 90% of its transactions with BRICS partners are now conducted in their respective national currencies, a significant shift from previous reliance on the dollar. This move, he indicated, is driven by a need to mitigate geopolitical risks and enhance economic sovereignty rather than to undermine the dollar’s global standing.

The Russian diplomat further clarified that the narrative of BRICS aiming to create a common currency to rival the dollar is a misinterpretation of the bloc's intentions. Instead, Ryabkov pointed to efforts to develop robust payment systems, such as BRICS Pay, which are designed to facilitate seamless transactions in local currencies among member states. These initiatives, he explained, are about creating alternatives and increasing resilience within the existing global financial framework, not dismantling it.

Ryabkov's comments align with broader statements from other BRICS officials and the Kremlin itself, which has repeatedly denied any plans for a unified BRICS currency. These perspectives collectively suggest a strategy of incremental diversification and strengthening of intra-bloc financial mechanisms, rather than a confrontational challenge to the dollar’s long-standing dominance. The focus, according to Ryabkov, remains on pragmatic steps to enhance the financial security and flexibility of BRICS economies.

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